Bitcoin miners experienced their second-highest revenue day in history on March 6, following Bitcoin’s new all-time high above $69,200. According to Julio Moreno, head of research at CryptoQuant, daily Bitcoin miner revenue reached $75.9 million on that day. This surge in revenue coincided with the closure of Bitcoin miner Hut 8’s mining site in Canada due to power disruptions and rising energy costs. The facility had an average annual output of 48 Bitcoin, accounting for approximately 1.4% of the company’s holdings and 11% of its hash rate. The $75.9 million revenue is the second-best day after the record $77.3 million generated on April 14, 2021, when Bitcoin was trading above $60,000.
Leading Bitcoin mining stocks experienced a significant drop of over 27% in the three days leading up to March 1, coinciding with Bitcoin’s rise to $64,000. Analyst Mitchell Askew from Blockware Solutions suggests that investors may be hesitant to invest in Bitcoin miners ahead of the halving event. This event will reduce Bitcoin miner rewards from 6.25 BTC to 3.125 BTC. Following the previous all-time high in miner revenue, Bitcoin saw a retracement of over 22% in the following 11 days.
As of now, the Bitcoin price has fallen by 0.54% in the past 24 hours, reaching $66,768. However, it remains up by over 6.8% on the weekly chart. While most analysts are optimistic about Bitcoin’s future trajectory, there is a possibility of a retracement below $44,000 by 2024, according to technical analysis by pseudonymous Bitcoin analyst Dave the wave. In South Korea, Bitcoin reached $72,000 due to the return of the “Kimchi premium.”